The Hunt for the Next 10 Bagger

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S&P 500 closes at record on strong earnings
Biogen Idec rallies on profit, revenue beat
NEW YORK (MarketWatch) — Gains in health care and technology sector stocks on the back of impressive profits from Biogen Idec Inc. and Apple Inc. pushed the S&P 500 to close at a record on Wednesday.

The S&P 500 (SNC:SPX) closed 3.49 points, or 0.2%, higher at 1,987.02, closing at a record level for the 26th time this year. The Dow Jones Industrial Average (DJI:DJIA) was weighed down by Boeing Inc. and closed 26.91 points, or 0.2%, lower at 17,086.63. The Nasdaq Composite (NASDAQ:COMP) ended the session up 17.68 points, or 0.4%, to 4,473.70, with biotechnology companies leading the gains.

Investors seemed to have brushed off news that two Ukrainian fighter jets were shot down Wednesday near where Malaysia Airlines Flight MH17 was downed as well as continued ground attacks on Gaza.

Kim Caughey Forrest, investment strategist at Fort Pitt Capital said that geopolitical issues in the Middle East and Ukraine, may not affect businesses in the short-term, but in the long-term, “we will be affected if American companies cannot move freely in the world.”

“At this point, overall earnings growth has already been priced in. Wall Street’s full-year earnings estimates are too optimistic and eventually will come down,” Forrest added.

The data calendar was empty for Wednesday, leaving investors to fix their attention on corporate earnings. http://www.marketwatch.com/story/us-stocks-futures-track-global-gains-boeing-ahead-2014-07-23